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EGP 27.4bn increase in total credit facilities granted by banks to clients during Q1 of FY 2016/2017: CBE - Daily News Egypt

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EGP 27.4bn increase in total credit facilities granted by banks to clients during Q1 of FY 2016/2017: CBE

The private sector accounted for 59.6% of the total of these facilities and the industrial sector tops economic sectors supported by banks


Credit facilities granted by banks to their clients increased by EGP 27.4bn during the first quarter (Q1) of the fiscal year (FY) 2016/2017 to reach EGP 970.2bn at the end of September 2016, according to the Central Bank of Egypt (CBE).

In its report on banks’ performances, the CBE said that the private sector accounted for 59.6% of the total of credit facilities.

According to the CBE, the industrial sector alone received 32.4% of the total credit facilities between July and September 2016.

The services sector followed, which includes tourism, and obtained 27.2% of these facilities. Trade accounted for 10.8%.

As always, the agriculture sector came last on the list with only 1.4% of the total of these facilities during the last FY.

A number of other sectors were not listed in detail in the CBE’s report. Collectively, these sectors—including the household sector—received 28.2% of the total facilities.

The CBE pointed out that the total volume of deposits in the banking system other than the CBE recorded an increase of EGP 30bn, reaching EGP2.202tn during September 2016 compared to EGP 2.172tn during August 2016.

According to the CBE, the total deposits of the banking system recorded an increase of EGP 279bn during the first nine months of 2016.

Total government deposits reached EGP 375.1bn, of which EGP 273bn was in local currency and EGP 101bn in foreign currencies.

The total non-government deposits reached EGP 1.826tn during September, of which EGP 1.49 was in local currency and EGP 330.4bn in foreign currencies.

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